Todays Report: The Lumentum Holdings Inc. (LITE) Rating Lowered to Sell at Goldman Sachs Group Inc.

The Lumentum Holdings Inc. (LITE) Rating Lowered to Sell at Goldman Sachs Group Inc.

Lumentum Holdings Inc. (NASDAQ:LITE) was downgraded by investment analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “sell” rating in a research report issued on Tuesday. They presently have a $36.00 target price on the stock. Goldman Sachs Group Inc.’s price target suggests a potential downside of 12.13% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Jefferies Group raised their price target on shares of Lumentum Holdings from $34.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, August 10th. Stifel Nicolaus raised their price objective on shares of Lumentum Holdings from $31.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, August 10th. B. Riley reaffirmed a “buy” rating and set a $41.50 price objective on shares of Lumentum Holdings in a research note on Wednesday, August 10th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Lumentum Holdings in a research note on Monday, August 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 price objective on shares of Lumentum Holdings in a research note on Wednesday, June 15th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $40.21.

Lumentum Holdings (NASDAQ:LITE) opened at 40.97 on Tuesday. The stock has a 50 day moving average of $39.07 and a 200 day moving average of $29.57. Lumentum Holdings has a 12-month low of $13.97 and a 12-month high of $45.25. The stock’s market cap is $2.46 billion.

Lumentum Holdings (NASDAQ:LITE) last posted its quarterly earnings results on Tuesday, August 9th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. Lumentum Holdings had a net margin of 1.01% and a return on equity of 11.91%. The company earned $241.70 million during the quarter, compared to analyst estimates of $238.52 million. During the same period last year, the firm posted $0.15 EPS. Lumentum Holdings’s revenue for the quarter was up 15.7% compared to the same quarter last year. On average, equities research analysts anticipate that Lumentum Holdings will post $1.88 earnings per share for the current fiscal year.

In related news, COO Vincent Retort sold 8,114 shares of Lumentum Holdings stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $32.59, for a total value of $264,435.26. Following the sale, the chief operating officer now owns 587 shares of the company’s stock, valued at approximately $19,130.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Alan S. Lowe sold 4,351 shares of Lumentum Holdings stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $41.82, for a total transaction of $181,958.82. Following the completion of the sale, the chief executive officer now directly owns 151,220 shares in the company, valued at approximately $6,324,020.40. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. RS Investment Management Co. LLC boosted its stake in shares of Lumentum Holdings by 1,548.6% in the second quarter. RS Investment Management Co. LLC now owns 1,395,702 shares of the company’s stock valued at $33,776,000 after buying an additional 1,311,042 shares during the period. Teachers Advisors Inc. boosted its stake in shares of Lumentum Holdings by 50.7% in the second quarter. Teachers Advisors Inc. now owns 2,734,615 shares of the company’s stock valued at $66,178,000 after buying an additional 919,821 shares during the period. BlackRock Fund Advisors boosted its stake in shares of Lumentum Holdings by 38.7% in the second quarter. BlackRock Fund Advisors now owns 3,204,522 shares of the company’s stock valued at $77,549,000 after buying an additional 893,643 shares during the period. Quentec Asset Management LLC boosted its stake in shares of Lumentum Holdings by 1,418.0% in the second quarter. Quentec Asset Management LLC now owns 880,525 shares of the company’s stock valued at $21,308,000 after buying an additional 822,519 shares during the period. Finally, Capital Research Global Investors boosted its stake in shares of Lumentum Holdings by 9.6% in the second quarter. Capital Research Global Investors now owns 6,441,454 shares of the company’s stock valued at $155,883,000 after buying an additional 564,000 shares during the period. 74.97% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum Holdings Company Profile

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